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Midterm

ECON 13 Study Guide - Midterm Guide: Jared Diamond, Demand Curve, Electricity GenerationExam


Department
Economics
Course Code
ECON 13
Professor
George Sarraf
Study Guide
Midterm

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IS and Econ 13 - First Midterm Examination
key (Correct answers are starred “*”)
S. Skaperdas January 30, 2013
Version A
Fill in your scantron, INCLUDING YOUR
VERSION (A).
There are 35 questions in the exam. Questions
1-2 are worth 1 point each. Questions 26-35 are
worth 2 points each.
1. Suppose that, at a particular price, quantity
demanded is 500 and quantity supplied is 300.
Then, we should expect the price in this market
to
a. Go up because there is excess
demand*
b. Go down because there is excess
demand.
c. Go up because there is excess supply.
d. Stay the same.
e. Go up or down, depending on whether
there is excess supply or excess
demand.
2. In 2011, which one of the following
countries had the highest GNI per capita (at
PPP)?
a. Bangladesh.
b. Brazil.
c. China.
d. India.
e. Mexico.*
3. According to Jared Diamond in Guns, Germs,
and Steel, the most dominant civilizations
emerged in Eurasia because
a. the people were on average smarter
there.
b. there were fewer animals and plants that
were available for domestication there.
c. the propagation of agriculture along an
East-West axis was easier.*
d. Eurasians were better hunters and
gatherers.
e. c and d.
4. In 19th century U.S. the largest industry was
a. Automobiles
b. Electricity generation
c. Railroads*
d. Computer electronics
e. The internet
5. Which one of the following is NOT a
characteristic of the SECOND industrial
revolution:
a. The spread of serfdom.*
b. Growth of joint-stock companies or
corporations.
c. High level of division of labor.
d. Vertical integration of economic
activity.
e. Growth of bureaucracies.
6. Two centuries ago, life expectancy at birth
was
a. higher than 40 years in all the countries in
the world.
b. lower than 40 years in all the countries in
the world.
c. higher than 50 years in all the countries in
the world.
d. lower than 50 years in all the countries in
the world.*
e. lower than 30 years in all the countries in
the world.
7. A point outside a production possibilities
frontier
a. indicates that some resources are
unemployed.
b. is unattainable for production
purposes.*
c. is worse than points on the production
possibilities frontier.
d. implies that too much capital and not
enough labor are used.
e. None of the above.
8. An increase in incomes
a. shifts the demand curve to the right.*
b. shifts the demand curve to the left.
c. causes a movement along the demand
curve.
d. implies no change in the demand curve.
e. causes a movement along the Supply
curve
9. A private good is:
a. excludable and non-rivalrous in
consumption.
b. non-excludable and non-rivalrous in
consumption.
c. excludable and rivalrous in consumption.*
d. non-excludable and rivalrous in
consumption.
e. none of the above.
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